16 Dec 2021
RESTAURANT BRANDS LIMITED v QST LIMITED [2021] NZCA 680
- Citation
- (2021) 22 NZCPR 815
- Court
- Court of Appeal
The Court held the arbitrator and party-appointed expert correctly interpreted cl 4.2 of the sublease: the rent review requires valuation of the underlying freehold market undeveloped block value of the physical areas identified in cls 4.2.1 and 4.2.2, disregarding leasehold encumbrances imposed by the unit plan; the tenant's contrary construction (valuing a leasehold stratum estate) is incoherent and not strongly arguable, so leave was properly refused and the award stands.